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Honda Cars India to step up component exports
NEW DELHI: Japanese auto giant Honda is considering increasing the supply of Indian components for its international operations. The company is targeting to export components worth Rs 1, 400-1, 500 crore this fiscal. This is almost double the exports of two years ago (around Rs 700) crore). “India has a competitive advantage in terms of quality and cost,” said Honda Cars India Limited (HCIL) Raman Kumar Sharma. Thanks to this, the company can export to developed markets such as the UK, Turkey and automobiles. Canada, the US and even Japan. Sharma said, “We have been exporting a large number of components from India, both in terms of volume and type of products, and the domestic market in India is also very large, which makes India a viable destination for manufacturing investments.” Honda has been gradually increasing its exports of automotive components to India over the past few years. The annual exports of spare parts were Rs. 4.2 billion in 2013...
EdenFerguson
43
June 2, 2024
Will supply to Maruti Suzuki from Noida facilities: Subros
NEW DELHI: Auto component maker Subrosss We are struggling to supply to our customers including Maruti Suzuki India in their Maruti Suzuki The company stopped production at its Noida plant after a fire broke out at the plant. No date has been set for resumption of operations at the Manesar plant, which was destroyed by fire on Sunday, but the company said it is “fast-tracking ‘revamping’ production at the fire-damaged plant”. Subros Ltd chairman Ramesh Suri told PTI: “We have started resuming supplies. We have plants in Noida and Greater Noida and are working with Densoo. We are considering all options. It takes about a day to ship from other factories. It will start soon.” . The company added that its Manesar plant is also operating at a fast pace. “We are also trying to recover as quickly as possible.” “We are also trying to recover (Manesar) as soon as possible, Suri said, adding that we are trying to bring back the ...
IngridCrichton
53
June 2, 2024
Maruti Suzuki advances bi-annual maintenance closure to arrange for components
NEW DELHI: Maruti Suzuki, China’s largest car maker (Maruti Suzuki) today said the company is facing a planned plant maintenance shutdown to prepare supplier Subros to supply parts from other sources. The company will now be in 6 years old June 6 to 11 The facility will be closed every two years from June 27 to July 2, 2016. The company is at 6 “This will enable us to utilize the closure period to prepare vehicles for M/s Subros Limited our Gurgaon plant from the second half of this year.” In a statement, the company said, “Some operations at Manesar Park, including gearbox casting and manufacturing, will also resume in the second half of this year.” Subros Limited and MSIL are working together to work out a solution to gradually restore normal operations by sourcing component supplies from other plants.
LeeNorton
44
June 2, 2024
Bosch eyes one-third of 2-wheeler and powersports sales from India
NEW DELHI: Auto parts giant Bosch wants India to contribute. It expects global sales to reach 10 percent in the next four years. 100 million euros (about Rs 753 crore), a third of which will come from its two-wheeler and powersports business. India since 2018 4 Mandatory Anti-Lock Braking System mandatory since month (ABS) New safety standards such as new engine management systems for two-wheelers are expected to boost the company’s growth. Geoff) Liersch, Chief Managing Director, Bosch (Two Wheelers and Powersports), said, “By 2020 2000, we want to achieve (global) sales of 10 years 100 million euros, with India accounting for more than one-third of Bosch’s global sales of two-wheelers and powersports. “I will occupy it,” he said. More than 90% of two-wheeler production will be made in India and China by 2021, the company added. “India is an important market for two-wheelers. The growth here is likely to have an impact on emerging markets...
KayYale
75
June 2, 2024
Auto component industry to grow up to 10 pc in 2016-17: Icra
NEW DELHI: Icra ratings agency today said it expects auto sales in the auto component industry to grow by 10 percent in the current fiscal, driven by growth in sales in passenger car and motorcycle segments. The rating agency said in its quarterly auto report on the components sector that it expects the auto components sector to grow by 8.5-10% in the current fiscal, compared to a growth rate of 2.8% in the last fiscal. In the medium to long term, the auto components industry is likely to grow higher than the underlying growth of the automotive industry, given the increase in OEM localization, increase in component content per vehicle and increase in exports to India. “ICRA According to the report, the implementation of the Seventh Wage Board is expected to support urban/semi-urban industries such as photovoltaics, scooters, etc., while rural demand will be boosted by above-average monsoons. On the other hand, ICRA said that strong demand for passenger vehicles in Nor...
LeoPoe
51
June 2, 2024
ZF Group sets up Global Purchasing Office in Chakan, to source Euro 100 million by 2017
ZF-worth 292 German auto parts maker on Wednesday announced the setting up of a ‘global sourcing office’ in Chakann, Pune, to capitalize on India’s cost competitiveness. The automotive chassis and driveline components maker plans to triple its purchases from India over the next 18 days to 1x in a month in line with the Modi government’s “Make in India” campaign of 100 million euros. The company said at the 2016 EF India Supplier Day, which it called “Winds of Change”, sourcing forging, casting and stamping materials from about 75-100 shortlisted suppliers in India. Horst Wiedmann, Director, Strategic Materials Management, ZF Group. Horst Wiedmann, Director of Strategic Materials Management at ZF Group, told The Economic Times that India essentially offers a double-digit cost advantage over other regions, but more importantly, the site has proven to be a reliable source of quality. “We have been in India for the last 30 ...
ElmerLucy
40
June 2, 2024
Motherson Sumi to raise $300 million to repay debt, capex
NEW DELHI: Automotive component maker Motherson Sumi Systems today said its subsidiary Samvardhanana Motherson Automotive Systems Group will raise $310 million (about Rs 200 crore) through a debenture issue slated for December 2021 for debt repayment and general corporate purposes. Motherson Sumi Systems Ltd a BSE “Our Subsidiary Samvardhananana” Motherson Automotive Systems Group B.V. has announced 4.875% p.a. pricing of USD 300 million, 5.5 3-year, non-callable senior notes due December 2021.” .” . “This is the Company’s third successful bond issuance and marks the Company’s successful entry into the U.S. dollar bond market,” Motherson Sumi said.-The parties’ debt and general corporate purposes, including some capital expenditures. The 2016 Concession Plan is for the year 2016 Ends June 16, 2016 Australia and New Zealand Bank, DBS, Deutsche Bank and HSBC will serve as global co-coordinators, and Barclays and Standa...
SidneyEdith
57
June 2, 2024
Auto component industry to grow in double digits this fiscal year
NEW DELHI: The domestic auto component industry is expected to register double-digit growth in the current fiscal, helped by recovering auto sales. Automotive Components Manufacturers Association Association (ACMA) Arvind Chairman Balaji “Despite a challenging year, the auto component industry in 2016 said, “The fiscal year witnessed a satisfactory growth of 8.8% despite a challenging year. Considering the national market and better monsoon, the automotive sector is showing signs of recovery. “There are conditions,” he said. The components industry is expected to record double-digit growth early this year. In the last fiscal, the size of the domestic auto parts industry grew by 8.8 percent to $39 billion. However, global market volatility affected exports, which declined by 3.7% to $10.8% billion. Imports grew faster, up 9.3% to $138% billion. In 2014-2015, the auto parts industry invested about $44 million to $660 million. Balaji said, R...
RoderickJimmy
44
June 2, 2024
Auto parts maker Rane Group plans Rs 650-crore expansion
Mumbai: Rane, the $550 1 million auto parts group, will allocate $100 million (Rs 6.5 crore). Over the years, the group has hired McKinsey to help develop its annual strategy for 2020 and has invited Chand Sehgal, chairman of auto parts maker Motherson Sumi Vivek, to tell his employees the secrets of his success to encourage them. Motherson Sumi has rapidly spread its wings globally, earning a reputation as India’s leading global automotive component maker, and the Rane Group is looking to follow suit. It aims to start a quarter of its business from the global market in the next three to four years, which will require 70%+ growth in the domestic market, which has been growing at a CAGR of 12-13% over the last few years. Motherson Inspired by Sumi, Rane Group acquired US-based Precision Die six months ago on the recommendation of a key client Casting, led by Rane Group. In the past, Baba Kalyani of Bharat Forge Others also had words of encouragement for employees and shar...
RichardEdmund
40
June 2, 2024
High Court stops two Indian firms from infringing Toyota trademarks
NEW DELHI: The Delhi High Court has indicted two Indian auto component makers for allegedly infringing on Japanese automaker Toyota’s Prius and Inova trademarks and “knowingly and willfully” infringing on their companies to reap “excessive profits” from the auto giant. . Use this brand. Pay 10 million won in damages. Justice Manmohan Singh also barred companies, owners, agents and representatives of the city from manufacturing, selling, advertising or trading in automobile parts or products with the Toyota trademark or similar trademarks. The court imposed severe penalties on Prius Automotive Industries, Inc. and its sister company, Prius Auto Parts, and its owners for violating the trademark rights of the Japanese companies “Innova and Toyota” by passing off Toyota products and services. The defendants (the two companies and their owners) used these trademarks for the purpose of capitalizing on such great goodwill and reputation. ...
PaulaRichard
44
June 2, 2024
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